Revenue during the quarter grew 9.98 percent to $924.06 million from $840.17 million in the previous year period. Gross margin for the quarter contracted 254 basis points over the previous year period to 45.87 percent. Total expenses were 83.01 percent of quarterly revenues, up from 78.85 percent for the same period last year. That has resulted in a contraction of 417 basis points in operating margin to 16.99 percent.

Operating income for the quarter was $156.96 million, compared with $177.74 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $255.14 million compared with $244.51 million in the prior year period. At the same time, adjusted EBITDA margin contracted 149 basis points in the quarter to 27.61 percent from 29.10 percent in the last year period.

“We are pleased to report solid fourth quarter results across all of our operating segments,” said Clark C. Smith, Chairman, President and Chief Executive Officer. “Global Marine Terminals reported improved adjusted EBITDA as strong demand drove high capacity utilization across our legacy assets and the contribution of our Buckeye Texas Partners assets improved year over year despite encountering some operational issues that negatively impacted financial performance. Buckeye Merchant Services continued to benefit from effective supply chain management while delivering a record contribution to our other segments for the quarter. Domestic Pipelines and Terminals performed well for the quarter recording higher storage, pipeline transportation and terminal throughput revenue, offset by the adverse impact of the loss of a crude-by-rail contract at the end of the third quarter and compressed butane spreads in the fourth quarter of 2016.”